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Malaysia’s central bank held interest rates steady at 2.0 per cent today for a sixth straight time, and said the pace of recovery in the domestic economy was gaining momentum and inflation was expected to remain modest in 2010.

The widely-expected decision comes as Asia’s third-most trade dependent economy is recovering from an economic slump triggered by the global financial crisis. A pick-up in domestic demand helped the economy to contract less-than-expected 1.2 per cent in the third quarter.

“As price pressures and inflation expectations are expected to remain contained going forward, the assessment is that the current monetary policy stance is appropriate and will continue to provide support for economic activity,” the central bank said in a statement.

A Reuters poll showed 15 economists saying rates would be held at 2 per cent with the earliest sign of a hike coming after the first half of next year. -- Reuter